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NEW DELHI: Is one of the four stocks that could replace lender HDFC after its merger in 2023. A preliminary analysis by Nuvama Wealth Management shows.
LTI Mindtree, Ambuja Cement and Tata Power are among the candidates to replace HDFC.
“It is quite early to point out the stocks holding the strongest opportunity to replace HDFC on its past mergers. We expect the merger to be completed by Q1FY24,” Nuvama said, adding that it does not expect any changes for the March 23 review of Nifty constituents.
The cut-off date for the rejig in the Nifty indices is January 31, while the announcement is expected in February, and the change is effective from March 31.
Investors expect that after LTIMindtree’s joint venture could replace PSU refinery BPCL in the headline index. “Based on our best understanding of the existing approach, we do not expect LTI
Mindtree (LTIM) to make it to the Nifty50 in March 2023 review,” said Abhilash Pagaria, Head – Alternatives and Quantitative Research, Nuvama Wealth Management.
On the other hand, if , and is included in the F&O section, it will make it the Nifty50. The most important condition for index inclusion is that the stock should be forced to be part of the derivative section.
In Nifty Next 50, also known as Junior Nifty, the list of possible candidates are , , ABB , , , Trent and , the report said.
On the other hand, Biocon, , Mphasis and can be pushed out. Nuvama expects NSE to maintain the status quo in both Nifty Bank and Nifty IT indices.
In September exchange, NSE included in Nifty by replacement.
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